Video: The Pension Bomb
John Stossel warns: one day, no matter what the promise, we simply won't be able to keep it.
State and local governments face a $5 trillion dollar unfunded pension liability. In other words, politicians promised workers $5 trillion in retirement benefits, but government doesn’t have the money.
John Stossel asks, how this could happen? City Journal Contributing Editor Daniel DiSalvo tells him, because “nobody was paying attention.” Politicians keep promising government workers better pension benefits, but don’t set aside the money to pay for them.